Financial Mission

#66 How Much Money Should I Save Per Month?


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Saving money each and every single month is a critical step in becoming financially secure. You need to stop living paycheck to paycheck, by spending every single dollar you make. You can create a budget and plan that assigns every single dollar, but I don’t want you to spend every single dollar!

 

You want to have a savings account beefed up with money in it to save and use for when an emergency happens, not if but when. This money will save you from going into debt when an emergency arises, like an emergency room visit for a broken arm, or gallbladder surgery, or a car accident. Don’t get caught off-guard with no savings. 

 

So, how much money do you need to be saving per month? That is the golden question, isn’t it? Most financial experts will tell you to save 20% of your household income. This money would be saved in your retirement accounts, and also your short-term and long-term savings goals, and your emergency fund. 

Listen to the full episode to find out how much money you should be saving per month and why. 

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Financial MissionBy Jess